Suppose Courtney owns 100 shares of Cisco stock that she purchased in June 2013 for $50 a share. On December 21, 2015, Courtney sells the shares for $40 a share to generate cash for the holidays. This sale generates a capital loss of $1,000 [$4,000 sale proceeds (100 3 $40) 2 $5,000 tax basis ($50 3 100)]. Later, however, Courtney decides that Cisco might be a good long-term investment. On January 3, 2016 (13 days later), Courtney purchases 100 shares of Cisco stock for $41 a share ($4,100). Does Courtney realize a short- or long-term capital loss on the December 21 sale?
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